Selling for $37 million, the three-quarter-acre lot includes three structures.

The beach-front estate sold by Terry and Jane Semel is made up of three pavilions… (Nick Springett )

The membership roll in Malibu's unofficial Billionaire's Beach club is shrinking. Former Yahoo Inc. Chief Executive Terry Semel and his wife, Jane, have sold their spot to Oracle Corp. head Larry Ellison, who already owns numerous homes along Carbon Beach.

The couple, who had most recently priced their Michael Graves-designed oceanfront compound at $40 million, sold for $36,943,890. The sale is the most expensive so far this year in Malibu.

The three-quarter-acre lot includes three structures. The main house is entered through a three-story rotunda crowned by a skylight. Circular windows and openings throughout the contemporary home lend it a nautical vibe. A copper-roofed screening pavilion doubles as the family den. There is also a two-story guesthouse for a total of nine bedrooms, 13 bathrooms and 10,317 square feet of living space.

A gazebo for outdoor dining sits by the swimming pool and a lawn, which stretches along the 151 feet of beach frontage.

Among Ellison's neighbors in the billionaire's enclave is business magnate and former junk bond king Michael Milken.

In addition to a string of houses on Carbon Beach, Ellison owns commercial property along the sand that includes the Nobu Malibu restaurant.

He inked an estimated $500-million deal earlier this year for 98% of the Hawaiian island of Lanai.